How pump and dump group are damaging reputation of crypto-currency?

[Alex077]

I once hold a coin and suddenly the coin that is almost $1 dump to less than $0.01 to me I move on but to some people  which are newbies this can discourage them from participating in crytocurrency and make them conclude it is fraud and that brought me to a question how do you think pump and dump group are damaging crypto-currency and it's reputation??

I can't say that cryptocurrency groups of pumps & dumps harm their reputation. There is nothing illegal, and they use their money to raise or to drop the price. Another matter that the newcomers in these groups can lose because only those who are at the top are winners.

[Yuuto]

I once hold a coin and suddenly the coin that is almost $1 dump to less than $0.01 to me I move on but to some people  which are newbies this can discourage them from participating in crytocurrency and make them conclude it is fraud and that brought me to a question how do you think pump and dump group are damaging crypto-currency and it's reputation??

Well, the thing with pump and dump groups nowadays is that the admins are the ones earning money. Everyone else are literally just pumping the money in for the admins, because the admins are the ones who buy in the coins for cheap before signals are released.

That itself can mislead a lot of people into thinking that pump and dump groups are a good way of making money, especially newbies. That will definitely impact newbies perception of BTC.

Also, as you mentioned, if you as an outsider see a coin being dumped to the ground all of a sudden and result in massive losses, you tend to be a lot cautious in your approach. Which is actually a good thing in some regards, but still damages the overall reputation of crypto to outsiders. But the overall impact is the biggest on the participants in the pump and dump groups, who will lose money in the long run.

[caisa88]

Of course the pump and dump groups are damaging the reputation of crypto-cuurency, because in order for them to work and the participant in then to earn money, there are very many newbies in crypto the lose money due to fear of missing out.
After they figure out how they lost money, not only do they stop investing in crypto-currency, but they will also tell to their friends what happened to them and recommend them to never invest in crypto.

[greenclub09]

it is easy to feel disapointed with the coin that we are holding when its price keep rising and dropping unexpectively all the time, so any trader who wants to have profit from trading cryptos will be very much tired with the fluctuations, and if this happens for a long time then surely traders will be the ones who suffer losses and feel disappointed until to quit their trading job.

[miyaka26]

They should know from the start that cryptocurrency has nothing to do with those P&D groups to lurk the exchanges for their own interest, these coins are just an instrument, not the cause why they got ruined by those people you should not always depend on your decisions in trading from those groups cause the admin got the first touch of benefit and earning for the pumps and dumps plus some groups are requiring their applicants to pay a fee just to join and learn their strategies.

[suzanne5223]

In my opinion I believed the CBOE, CME group etc. Bitcoin future contract is also among the thing the causes the dumping and pumping in price of the crypto currency market because the project was about betting the future price of the market and due to that some certain group or cartel will be formed to in other for the organisation or company to be profitable.

[posi]

I once hold a coin and suddenly the coin that is almost $1 dump to less than $0.01 to me I move on but to some people  which are newbies this can discourage them from participating in crytocurrency and make them conclude it is fraud and that brought me to a question how do you think pump and dump group are damaging crypto-currency and it's reputation??

Yes, the pimping and dumping group did a lot of damaged to cryptocurrency and they doing it through the regulators, government and FUD site or blog poster. Meanwhile, it hard to know those really behind it.